Steel industry news

The Vietnam Trade Office in Belgium said that along with the carbon balance mechanism (CBAM), the EU's new safeguard measures will increase barriers for steel exports to this region.

Speculation since late May about China's rollout of additional measures to revive its struggling real estate sector and boost domestic demand has lifted iron ore prices by around 10% in June.

Nippon Steel Vice President Takahiro Mori said the steel demand outlook is likely to remain weak at least this year or this fiscal year (through March 31, 2024).

Chinese steel mills are likely to extend output cuts in May and June to avoid a drop in profits as low domestic and foreign steel demand leads to lower prices.

Although disbursement of public investment is forecasted to accelerate in the coming quarters, there is still another minus point that prevents the steel industry from prospering again this year.

The US is expected to issue the final conclusion on the investigation of anti-dumping tax evasion with round stainless steel wire imported from Vietnam on May 24.

After a stellar start to the year, signs are emerging that China's iron and steel industries are losing momentum, raising concerns about the strength of the recovery in the world's second-largest economy.

The steel market is forecasted to recover strongly in the third and fourth quarters thanks to factors such as increased public investment, credit packages for social housing projects, and a more positive economic situation in Vietnam than in the past. equal to the world.

In the context of weak domestic steel demand and rising costs pushing up global commodity prices, the selling price of finished steel is increasing slower than the rate of input materials.

VSA said that since the beginning of 2023, construction steel prices have had 4 consecutive increases

Due to fall on the occasion of the Lunar New Year, the country's iron and steel export output of all kinds reached only 672,000 tons with a value of nearly 457 million USD, down 14.8% in volume but down sharply by 48% in turnover.